Home » Robinson Crusoe can either fish (F) at a rate of 1 caught per 2 hours or pick Coconuts (C) at a rate of 1 picked per hour. He has 12 hours per day…

# Robinson Crusoe can either fish (F) at a rate of 1 caught per 2 hours or pick Coconuts (C) at a rate of 1 picked per hour. He has 12 hours per day…

1.Robinson Crusoe can either fish (F) at a rate of 1 caught per 2 hours or pick Coconuts (C) at a rate of 1 picked per hour. He has 12 hours per day available for either activity. Describe his production possibilities. In this one person economy could this also be his budget line? The table below describes utility that Crusoe gets from consuming fish and coconuts.Quantity of FishTotal UtilityQuantity of CoconutsTotal Utility0000140124270244390360410247251105806116684712078681228879123987101231087111231187121231287A.Calculate marginal utilities.B.What combination of the two should he produce (acquire with his income) to maximize utility?C.If due to over-harvesting of coconuts they become more difficult to acquire, taking 2 hours to pick one coconut, what combination will maximize utility?D.If it becomes easier to pick coconuts, specifically 2 can be picked per hour, what combination will maximize utility?E.Draw Crusoe’s “demand” curve for coconuts as the “price” varies from 2 hours to 1 hour to 1/2 hour.REFER TO PREVIOUS2.Do the best combinations that Crusoe selects for utility meet the consumer equilibrium condition (MU/P is equal for all goods)? Note that this will only be approximate in this problem since we are dealing with finite combinations.3.If “income” increases as Crusoe increases work hours from 12 to 14 to 16, how does his best combination of fish and coconuts change? Are these normal goods?

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